Pound Sterling (GBP) Muted as Brexit Continues to Dent Appeal
The Pound (GBP) was left to trade in a narrow range on Thursday as investors remained wary of Sterling in the face of ongoing Brexit uncertainty and the questions hanging over the future of Theresa May’s premiership.
This offset the Confederation of British Industry’s (CBI) distributive trends index, which reported UK retail activity jumped in April.
Looking ahead, the release of the UK’s latest mortgage figures could see the Pound remain adrift this morning as economists expect mortgage approvals will have slowed in March.
GBP/EUR Exchange Rate Flat Following ECB Bulletin
The Pound Euro (GBP/EUR) exchange rate was rangebound throughout yesterday’s session, with the single currency struggling to find support following the European Central Bank’s (ECB) economic bulletin.
While the bulletin’s message was largely in line with the ECB’s March policy statement, the reiteration of the bank’s warning of downside risks to the Eurozone appeared to be enough for investors to steer clear of the Euro on Thursday.
Meanwhile a lull in notable Eurozone data is likely to leave EUR exchange rates mostly flat today.
GBP/USD Exchange Rate Dips to Two Month Low
The Pound US Dollar (GBP/USD) exchange rate struck a fresh two-month low on Thursday, as USD investors welcomed a stronger-than-expected rise in US durable goods orders in March.
However the US Dollar gave back these gains towards the end of the European session as it was undermined slightly by a surge US initial jobless claims last week.
Coming up today will be the publication of the US first quarter GDP figures, which may see the US Dollar struggle to maintain its recent momentum as economists predict a modest slowdown in growth at the start of 2019.
GBP/CAD Exchange Rate Flat Despite Oil Striking a Six-Month High
The Pound Canadian Dollar (GBP/CAD) exchange rate remained in a neutral range over most of yesterday’s session, with the oil-sensitive currency unable to accelerate despite Brent crude rising past $75 a barrel to strike a new six-month high.
GBP/AUD Exchange Rate Steady amid RBA Rate Cut Speculation
The Pound Australian Dollar (GBP/AUD) exchange rate traded sideways overnight on Thursday, as investors also shied away from the ‘Aussie’ amid growing speculation that the Reserve Bank of Australia (RBA) could cut rates in the immediate future.
GBP/NZD Exchange Rate Tumbles as New Zealand Trade Surplus Surges
After falling back during the European session on Thursday, the Pound to New Zealand Dollar (GBP/NZD) exchange rate extended its losses overnight, as the ‘Kiwi’ became turbo charged when New Zealand recorded a trade surplus of NZD$922 million in March – its highest level since 2014.